Chapter 7 bankruptcy Archives

There are many circumstances that could lead a resident of the Twin Cities to seek financial relief via a bankruptcy filing. The accumulation of debt in connection with businesses one owns is one such reason. A business man who currently works for a real estate agency based in Coon Rapids recently filed for Chapter 7 bankruptcy due to this very thing.

Though a difficult issue for many to face, the reality is that each day, people of all ages, genders and socioeconomic backgrounds decide to seek financial relief via a bankruptcy filing. What these filings all have in common is that the individuals who decide to file have debt that outweighs their assets and may feel overwhelmed by debt. This situation exists for individuals in Ramsey County as well as throughout the Twin Cities. Just as the demographic of individuals seeking debt relief via bankruptcy varies widely, so too does the reason that an individual seeks resolution via this method.

Whenever a seemingly wealthy individual files for bankruptcy in Minnesota, many are often shocked. The thought is typically that once someone becomes wealthy, money will never again be an issue. However, this is not always true and there are plenty of people who struggle to keep up with their expenses after becoming wealthy.

It is not unheard of for a business venture to sound like a good idea in theory, but then turn into a bust when trying to put it into play. For the person behind the business, when this happens and a lot of money has already been tied up, this can lead to a personal bankruptcy.

There is no doubt that a medical crisis can lead to sudden and unexpected debt for any Minnesota resident. This is particularly troubling, as not only is the actual medical condition stressful enough, but so is dealing with a seemingly constant stream of bills and calls from bill collectors.

A Minnesota entrepreneur recently filed for Chapter 7 bankruptcy. In his personal bankruptcy filing, he included a number of debts tied to a now defunct business, which is a rather common occurrence when it comes to business owners filing for personal bankruptcy. The idea is to wipe the slate clean in their personal and professional lives through bankruptcy.

The Federal Reserve recently released numbers for December, which showed an increase in student loan and auto loan borrowing. This increase coincided with a decrease in credit card debt, which points to the fact that many Americans are continuing to financially struggle and not making as many purchases as they once did when the economy was stronger.

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